中文字幕由Amara.org社区提供 继续推行两条一控坚持产业化多元化国际化素质化战略巩固在全球肉类行业的领先地位一是不断改善猪肉业务的经营扩大规模提升市场竞争力确保公司业绩的持续增长二是肉食品业务继续坚持两条一控不断扩大市场网络适应市场变化增强竞争优势推动销量和业绩的稳步提升 三是不断优化产业链稳步推进多元化进一步完善全球产业布局防范风险提示生效推动企业可持续发展企业公司的价值巨大化我们相信在全球管理团队的共同努力下我们力争2025年继续延续良好的经营势头为集团未来稳步发展奠定坚持的基础我的报告完了谢谢大家 谢谢郭总下面我们进入问答环节如果您想提问请举手示意也麻烦您在提问前说出您的介绍一下您自己和您代表的机构这位 第一个问题是关于中国的业务24年我们的猪肉业务实现了历史的敦俊的高点的敦俊利润那么我们怎么看2025年能在这个高点上 持续提升特别是今年刚才郭总也强调我们要继续做两条一控那么我的理解是2024年咱们也做了不少这个比较低价猪肉的库存那么这块的优势是不是能在25年体现出来还有呢一个是我们关于量其实咱们的肉制品在过去几年一直说希望能够把量做上来但是因为整个的需求环境的影响我们的量好像一直都是比较有压力的 ...

万洲国际&双汇发展 20250327 摘要 Q&A 公司在 2024 年美国业务表现良好，能否介绍一下 2025 年的展望，特别是三个 业务板块的盈利预期？ 2025 年，我们预计美国的生猪价格将上涨，而养殖成本会有所下降，这对上游 养猪业有利。根据目前的期货市场情况，我们全年养猪业将保持盈利。尽管生 猪价格上涨导致成本上升，但我们在生猪屠宰业务方面通过流程优化、产品结 构调整和市场拓展等措施，预计会有较好的业绩表现。总体而言，上游猪肉业 务将保持增长，而肉制品业务尽管受到成本上升影响，但我们会通过公式定价 调整售价、提升自有产能和新并购产能，以及进一步节约成本费用来应对。因 • 万洲国际预计 2025 年美国猪肉业务保持增长，尽管生猪价格上涨推高成本， 但通过优化流程、调整产品结构和拓展市场，生猪屠宰业务预计表现良好。 肉制品业务受成本影响，将通过公式定价、提升产能和节约成本应对。 • 受美国蛋白质供应紧缺影响，牛肉和鸡肉价格高位运行，预计 2025 年猪肉 及其制品经营状况良好。公司将通过优化生产流程、提高运营效率和加强 市场推广等措施提升利润。 • 万洲国际削减上游产能，预计 2025 年生猪出栏量从 ...

WH Group Conference Call Summary Company Overview - WH Group reported a revenue decline of 3.2% year-on-year to $18.866 billion in the first three quarters of 2024, primarily due to a 4.4% decrease in total meat product sales volume [2][3] - Despite the revenue decline, the company achieved significant profitability improvements, with EBITDA increasing by 38.9% to $2.25 billion and operating profit rising by 71.4% to $1.795 billion [2][3] Key Financial Metrics - Total meat product sales volume: 2.282 million tons, down 4.4% year-on-year - Pork sales volume: 2.737 million tons, down 7.6% year-on-year - Net profit attributable to WH Group: $1.081 billion, a 90% increase [3] - Basic earnings per share: $0.0843 [3] Profitability Drivers - Cost reductions due to lower feed prices, which decreased by approximately 30% [5][6] - Structural improvements in operations, including a five-year genetic changeover program enhancing productivity [5] - Enhanced health management across livestock operations [5] - Strategic measures to mitigate exposure to feed costs through operational efficiencies [6] Regional Performance - North America: 52.5% of total revenue and 46.9% of profits - China: 33% of total revenue and 40.6% of profits - Europe: 14.5% of total revenue and 12.5% of profits [2][4] U.S. Operations Insights - Upstream (hog production) profitability improved significantly, with a third-quarter head profit of approximately $11 per head [7] - Downstream (packaged meats) improvements driven by strategic execution, price optimization, and product mix enhancement [8] Smithfield Spin-off IPO - WH Group has received approval from the Hong Kong Stock Exchange to proceed with the Smithfield spin-off IPO process, with further details to be communicated once finalized [9][10] Hog Price Outlook - Anticipated significant decrease in hog prices in China during Q4 2024 compared to Q3, with expectations for lower annual prices in 2025 [11] - U.S. hog prices expected to follow normal seasonal trends, with lower prices in Q1 and Q4 and higher prices in Q2 and Q3 for 2024 and 2025 [11] Packaged Meat Business Outlook - Significant year-over-year growth in packaged meat sales volume expected for Q4 2024 in China, driven by market trends [12] - Strategies to drive sales volume growth include enhancing product offerings, expanding distribution channels, and targeted marketing campaigns [13] European Operations - European packaged meats business saw a 43% improvement in profitability due to enhancements in product mix and operational improvements [22] - Ongoing interest in M&A opportunities within Europe to bolster market presence and operational synergies [19][22] Dividend Policy - WH Group maintained strong dividends despite weak results last year, with plans to continue this policy due to significant improvements in profitability [18][20] Conclusion - WH Group is navigating challenges in sales volume while achieving notable profitability improvements through strategic operational enhancements and cost management. The company is focused on growth opportunities in both domestic and international markets, particularly through the upcoming Smithfield IPO and potential M&A activities in Europe.